Chinese, Swiss Central Banks Sign Bilateral Swap Agreement

The Schweizerische Nationalbank (Swiss National Bank) (OTCMKTS:SWZNF) announced that it has entered into a bilateral swap agreement with the People’s Bank of China (PBC) that allows the central banks to purchase and repurchase up to 21 billion Swiss francs or 150 billion renminbi (about $23 billion) to help establish renminbi market in Switzerland. SNB has also been granted a 15 billion renminbi investment quota in the Chinese interbank bond market which it can use to diversify its foreign exchange reserves. Bilateral swap agreement: Renminbi is 1% of daily forex and growing “The signing of this bilateral swap agreement and the granting…